The first cryptocurrency was launched in 2009 and since then it has made a mark globally. There have been a lot of changes and improvements since then and people are getting benefitted through these innovations.
For ages blockchain is keeping a record of millions of transactions made by the traders or the investors. The investors usually take help from the crypto platforms having accessible apps. Such as the Bitcoin rejoin app have been massively in use these days for investments.
The famous technology of crypto world called the blockchain technology has vivid uses. The governments of many countries have made cryptocurrencies legal and at the same time many are cautious about it. The main reason behind this is the volatility of crypto market. However, the major backbone called the blockchain technology has made wide applications in all industries.
Role of blockchain.
Blockchain being the master ledger can be used to record all the transactions. It is one of the reliable ways to trace the long chains of supply starting from the origin and then to the end. For instance, the blockchain technology was used to trace the supply for tuna in the fishing company of US.
The aim of such companies was to trace the consumers selling or buying that fish that is caught and is free of slavery. This article would address the modern slavery and the blockchain technology’s role in it.
How can blockchain help?
Blockchain is a public ledger that is distributed through a peer-to-peer network. Here the transactions made by the participants are saved with the copies in the ledger. No manipulations can be made unless there is an agreement to make any variation by the participants.
However, once a transaction is made then there becomes an irreversible record of these transactions. These records are the called the blocks and these blocks are chained together. Since ages this network is helping to keep records.
The blockchain can provide information about the provenance of the goods that becomes beneficial to the company holders. Many companies are at a great risk of being connected to the modern slavery.
Cobalt is a mineral used in batteries of phones and laptops. This useful mineral is often mined. The mining is not what you are perceiving rather the process of mining is made and behind it is the dreadful picture of modern slavery.
Modern slavery includes forced labour that is the work performed under severe punishments. It also includes the bonded labour in which the labours are to work in order to pay off their debts.
The adverse conditions that they faced during the crucial labours are the means to make more exploitations. The payment of wages and unfair behaviour with the labours remain unchecked causing conditions to worsen.
However, use of blockchain in the multinational or other countries can help lower these exploitations. The blockchain can help gain insights about such adverse conditions. It is the only way to give freedom or eradicate the modern slavery properly.
Blockchain not a solution.
Though the solution may seem to solve this modern slavery problem but transferring the technology into such a sector have to face many challenges that it may encounter in future.
The blockchains used for tracing the commodities that are free of slavery can become challenging because of the verification. Not only the start and end need to be verified rather the surrounding conditions of the transactions needs to be validated as well. Each step from sourcing to production and other external factors are to be kept in notice.
The exclusion of actors in this technology can make the system weakened. There can be a way to just rely on a few actors but that means they would serve as intermediaries. The trusted actors can be manipulated at any moment and this would disturb the whole process.
Furthermore, the small suppliers may refuse to use such a technology due to lack of funds and so slavery at this level could not be solved. So, blockchain may have a role but it not a complete solution to remove modern slavery.
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